Simpson Thacher & Bartlett has raised associate base salaries across the board. For the most junior classes, the increase is $15,000. New associates arriving at the firm in the fall will now receive a starting salary of $160,000, instead of $145,000.
(You saw the memorandum here first, people — less than ten minutes after it was sent. MSM sources: PLEASE CREDIT ABOVE THE LAW. Thank you.)
The Simpson Thacher memo reprinted below was emailed to us by multiple sources. So we do not doubt its authenticity. It was sent out today by email, at 4:28 PM, by STB executive committee chairman Philip T. (Pete) Ruegger III, to all associates and non-senior counsel.
We are seeking additional comment from STB representatives — namely, Pete Ruegger, who sent the memo, and Susan Bussy, who handles media inquiries. We will let you know if and when we hear back from them.
Without further ado, the memo:
SIMPSON THACHER & BARTLETT LLP
MEMORANDUM TO ALL ASSOCIATES AND COUNSEL
The Firm has been very busy and we expect the high level of activity to continue. We are proud of the results we are helping our clients achieve.
We believe we have the finest legal team of any global law firm. In appreciation of your efforts, we are pleased to increase associate base salaries as follows, effective January 1, 2007:
Class of 2006 – $160,000
Class of 2005 – $170,000
Class of 2004 – $185,000
Class of 2003 – $210,000
Class of 2002 – $230,000
Class of 2001 – $250,000
Class of 2000 – $265,000
Class of 1999 – $280,000
Class of 1998 – $290,000
We are also raising the base salary for the members of the Class of 2007, who will arrive in the fall, to $160,000.
Counsel and classes senior to 1998 will be addressed on an individual basis.
Again, on behalf of the Firm, thank you for your commitment and hard work.
January 22, 2007
Other firms will surely follow suit and match this base salary increase. As the various firms match, please note their moves in the comments. THANKS!!!